ECON406

Manipulate indifference curves and budget constraints to explain consumer decision making and manipulate isoquants and isocost lines to explaining firm decision making.

Derive a demand curve from indifference curves and budget constraints and derive the long-run cost curves of firms from isoquants and isocost lines.

Compare production theory to cost theory, and apply cost theory to market structure analysis.

Implement output market analysis and input market analysis and analyze the connections between them.

Demonstrate the efficiency characteristics of various market structures-perfect competition, monopoly, oligopoly, and monopolistic competition.